The latest episode of The Albatross is about box spread ETFs. My guest is NYU Professor, Daniel Hemel, who thinks Treasury's interest in box spread ETFs might have broader implications beyond the ETF wrapper.
Also coming soon... Prof. Daniel Hemel on trader funds.
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Seattle-area advisers... I'm considering a small event called Basis Pints (get it?) on Nov 18, 3-6 PM PT focused on year-end tax planning in Washington State. Food and bev included. Interested in joining? Please fill out this form.
In early September 2026, a friend called me out of the blue just to catch up (people still do that!) and he mentioned Avantis was seeding a new ETF in-kind via Section 351.
Many Section 351 ETFs accept other ETFs as seed assets, but Avantis told my friend that it would not accept his clients' ETFs.
I didn't think much of it at the time, but a few weeks passed and another adviser told me something similar: Avantis was not allowing some ETFs into its new fund.
I thought this might have something to do with Treasury's recent Notice 2026-62 and Rev. Rul. 2026-20 and their interest in Section 351 transfers, but my friend called me before Treasury released those documents on September 28, 2026.
The story ended up being much more interesting.